Wall Street binge

Ousting CEO Philippe Dauman paves the way for owner Sumner Redstone to try to revive the ailing cable-TV business. That could include investing in content and even selling part or all of Viacom. Investment bankers will be lining up outside its Times Square HQ for a seat.

Context News

Viacom and its owner Sumner Redstone have come to a settlement agreement that includes the departure of Chief Executive Philippe Dauman, Reuters reported on Aug. 18 citing two people familiar with the situation.

The deal would end the legal battle Dauman launched over his removal from National Amusements, the vehicle through which Redstone owns 80 percent of the voting shares in Viacom and its sister company CBS. Dauman was a director at National Amusements as well as a trustee overseeing the assets once Redstone dies until Redstone removed him earlier this year.

The agreement will allow Dauman to remain as chairman until Sept. 13 and give him the opportunity to present a plan to the Viacom board to sell a minority stake in movie studio Paramount Pictures.

Viacom Chief Operating Officer Thomas Dooley will be interim CEO until Sept. 30, the end of the fiscal year.